Ancelotti was asked about this first trophy of the season and if Real Madrid can win all six that they're competing in: the UEFA Super Cup, Club World Cup, Supercopa de Espana, LaLiga Santander, Champions League and Copa del Rey.
"We'll give our all in every competition, but for us to win all six will be difficult, really difficult," the coach replied.
"But, I am confident as we have a better squad than last season.
"The connection between the veterans and youngsters should also be even better than last year, when it was already key."
One potential weakness in the squad is the backup striker role, yet Ancelotti doesn't think anyone could replace Karim Benzema.
"If you lose the best striker in the world then that's tough because no player can substitute him," he said.
"If he gets ill, we'll adapt. But, we do have many forwards, a long list."
The coach had previously stated that he'll start the same 11 players who won the Champions League last season, although he tried to back out of that statement a little here.
"Us being here for the UEFA Super Cup is because of those who won the Champions League," Ancelotti explained.
"We didn't just win it with 11 players, but I'm going to put the same team that won the Champions League.
"Or... maybe I'll make a couple of changes!"